The Role of Finance in Strategy Execution & Business Innovation

Strategy provides a map to guide decisions within a company. A strategy map is useless without vehicles and drivers that enable business decisions, which lead to successful execution and business innovation. A balanced approach to strategy development, execution, and business innovation is essential to achieve sustainable growth and profitability. Finance plays a significant role in the development of business strategies because this function is in the best position to develop financial models that prove or disprove strategic ideas that emerge from various levels of the organization.

A strong pipeline of business innovation is essential for the development of new roads that lead to higher levels of business performance. Finance again is in a great position to work cross-functionally to build a strong pipeline of business innovation, which can be compared to building new roads that lead to new destinations.